Seedly co-founders’ AI-powered healthtech startup raises $1.3m

Mito Health founders (from left): Ryan Ware, Kenneth Lou, Joel Kek, and Tee-Ming Chew / Photo credit: Mito Health

Singapore’s Mito Health is one of the growing number of healthtech startups jumping on the AI bandwagon.

It’s the new venture of Kenneth Lou and Tee-Ming Chew, who co-founded and exited personal finance firm Seedly in 2022.

Using diagnostic results and wearable data, Mito Health plans to create personalized health plans for customers by augmenting medical expertise with AI.

The startup believes that preventive healthcare has not been adequately addressed. Its target customers are people looking to maintain their health beyond annual checkups and supplements.

The market size for preventative healthcare in “developed cities in Southeast Asia and Australia alone would represent over US$4.5 billion annual health spending by the health-conscious in our target segments,” Lou told Tech in Asia.

Mito Health has just raised its first round of funding to get it off the ground.

Besides lead investor Forge Ventures, founders and executives from ShopBack, Carousell, PatSnap, Glints, Singlife, Rainforest, and OhMyHome also joined the funding round.

Funding details

• Funding amount: US$1,300,000
• Lead investors: Forge Ventures
• Stage: Pre-seed
• Source

Mito Health aims to serve a health-conscious demographic in Singapore first before considering other developed markets. A growing waitlist of potential users are looking to sign up for its services as soon as it launches.

Other members of the founding team include CTO Joel Kek, who was involved in developing Singapore’s contact tracing effort TraceTogether at GovTech, and chief medical officer Ryan Ware, a former surgeon and resident.

With new funding, Mito Health plans to ramp up hiring for engineering, medical, and operations.

More details